By Aliu Akoshile, in Baku
African Development Bank Group (AfDB) has enumerated the tremendous opportunities offered by its African Circular Economy Fund (ACEF) as it targets 16 million euros to expand the facility across Africa.
The Bank’s Director of Climate Change and Green Growth Department, Prof. Anthony Nyong disclosed this at a bilateral meeting with representatives of the Government of Netherlands, Dr. Afke van Rijn, at the sidelines of the UN COP29 climate summit in Baku, Azerbaijan.
Dr Rijn is the Director General for Environment and International Affairs, Netherlands’ Ministry of Infrastructure and Water Management.
According to Prof Nyong, the circular economy has the enormous potential to tackle the challenges of greenhouse gas emissions that are associated with the production and use of food and materials as well as land management in Africa.
He reiterated that the ACEF, which was launched in 2022, is the only multi-donour trust fund fully dedicated to mainstreaming the circular economy as an inclusive and green growth strategy in Africa.
While acknowledging the Netherlands’ support to the AfDB and its leadership, Prof. Nyong noted that, aside from hosting the World Circular Economy Forum in 2021, the Dutch government has been supporting the event annually over the years.
He highlighted some of the strategic support the Government of Netherlands has offered the bank in the areas of gender, food security, and climate change.
These, according to him, include the AFAWA, ALSF, Climate Action Window of 100 million euro, the 25 million euro ADRIFI, and the African Emergency Food Production Facility.
Prof Nyong commended the Government of Netherlands for the invaluable support its Ministry of Infrastructure and Water Management gave the secretariat of the African Circular Economy Alliance (ACEA), which is domiciled in the bank, at the early stage in 2021-2022.
He said the initial 4 million euro funding it received has helped the bank to make remarkable strides in extending opportunities to African governments and MSMEs.
The Director said some of the countries already benefiting from the bank’s interventions to develop their respective circular economy roadmaps are Benin, Cameroon, Chad, Ethiopia, and Uganda.
He said other countries, such such as Rwanda, Ghana and Cote d’ivorce, are being supported on the AfriCircular Innovator programme, which includes technical assistance and grants that will enable the youth to create green jobs and expand value chains.
Prof. Nyong, who said the demand for support from potential beneficiaries far outstrips the available funding, added that as the ACEF is transitioning in its growth stage, it is desirous of employing the most impactful strategies to mainstream circular economy across sectors in Africa.